Citi hires new London MD from team mandating more time in the office
Citi is an outlier among major US banks in its commitment to hybrid working, so much so that even executives spend a couple of days at home per week. As other firms in the industry make their staff spend additional time in the office, it gives the bank opportunities to capitalize on talent.
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The bank has just hired Andrea Bowe in London; she announced on LinkedIn yesterday that she's joining Citi as a managing director (MD) of regulatory strategy and policy for the UK, Europe and MEA. She joins from the UK's Financial Conduct Authority (FCA), which she first joined two decades ago. She held various roles at the regulator, including chief of staff and joint director of transformation.
We reported yesterday that the FCA sent a memo to staff mandating that executive directors spend at least 60% of their time in the office, up from a previous policy of 40%. This change means that staff are now in the office the same amount as Citi employees, who also have to spend three days in the office per week, but Citi is seen as a much more appealing career option, given that insiders told us the FCA pays no bonuses and offers lower salaries. It's highly unlikely that the move materialized in the past 24 hours, but Bowe may have seen the policy change coming.
Citi's hybrid offering isn't just generous compared to other US banks. Our bonus expectations report found that Citi staff spend the least time in the office of all banks surveyed, including European players like Deutsche Bank and HSBC. However, in tough market conditions, staff have reported a marginal 1.2% increase in time spent in the office.
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